PAE Asteras Tripolis was first established in 1931, although the team became inactive in 1932. It was subsequently revived in 1938, taking on the players of another team that had been established during their period of inactivity, Keramiko. Over the course of recent seasons, Asteras Tripolis have risen to prominence, challenging near the top of the table.

Between 2001 and 2006, the club completed a remarkable climb through four divisions. Asteras remained unbeaten in home matches for the duration of this period. Then, at the conclusion of the 2006-07 season, the team earned promotion to the top flight for the first time in history.

The side's first season in the top flight was historic, as they became the first team ever to beat Olympiakos, Panathinaikos, AEK Athens and PAOK in their debut season in the Greek Superleague. They reached the top half of the table and finished the campaign in 7th place. Although Asteras have yet to win a major national trophy, they have won a total of 15 minor titles. These include 8 Arcadian Championships, 3 Arcadian Cups, a Fourth Division win, a Third Division win and a Second Division win. In 2011-12, the team finished in 6th place and gained entry into the 2011-12 UEFA Europa League. After making it through the 2nd qualifying round, they were eventually eliminated by Portuguese team, Maritimo.

Danijel Cesarec is the team's greatest ever scorer in the top flight. Some of the other notable players to have worn the Asteras Tripolis jersey over the years include Michalis Klokidis, Nikolaos Lazaridis, Roudolphe Douala, Márton Fülöp.

Theodoros Kolokotronis Stadium, which first opened in 1979, currently serves as the club's home. It was formerly known as Asteras Tripolis Stadium, but its name changed in 2012. The venue is able to hold a maximum of 7,616 spectators.